$ROCC reports strong results and merger update with Baytex Energy.
Mar 8th 2023, 10:16 pm
Analyst Summary: Ranger Oil Corporation has announced its Q4 and full-year 2022 financial results, including achieving its production goal of 50 Mboe/d sooner than expected and record annual free cash flow, alongside an update on its merger with Baytex Energy Corp. The company reached estimated net proved reserves of 254,485 Mboe as of December 31st, 2022, and shareholder returns have reached approximately $90 million since May 2022. The Board declared a cash dividend of $0.075 per share. The merger with Baytex Energy Corp. is ongoing and subject to certain customary conditions. The company's adjusted EBITDAX, adjusted net income, and PV-10 are non-GAAP measures. The company's net debt is divided by LTM pro forma adjusted EBITDAX to calculate the leverage ratio. However, there are risks and uncertainties that could affect the forward-looking statements included in the announcement.